U.S. stocks took a tumble Monday after China officially raised import duties on U.S. pork, apples and other products. At the closing bell, the Dow Jones ended the trading day at a loss of 458.92 points. China raised import duties on a $3 billion list of U.S. goods in response to the tariffs on imported steel and aluminum that President Donald Trump ordered last month.After a month of public negotiations between the U.S. and several other countries, Monday marked the first time another country has formally placed tariffs on U.S. goods in response to the Trump administration’s recent trade sanctions. Kate Warne, an investment strategist for Edward Jones, said the step by China is small but significant.“The fact that a country has actually raised tariffs in retaliation is an important step in the wrong direction,” she said. “The tariffs imposed by China today lead to greater worries that we will see escalating tariffs and the possibility of a much bigger impact than investors were anticipating last week. And that could be true for Mexico as well as for China.” The Chinese tariff hit meat producer Tyson Foods hard, but investors were mostly concerned that both countries will take further steps that will ultimately harm global commerce and company profits. The Dow Jones industrial average fell as much as 750 points during trading.Amazon got a double dose of bad news. On top of the broader market worries, the online retailer has been the target of numerous critical tweets from President Donald Trump over the last few days and investors are selling its stock."Only fools, or worse, are saying that our money losing Post Office makes money with Amazon. THEY LOSE A FORTUNE, and this will be changed," Trump tweeted. "Also, our fully tax paying retailers are closing stores all over the country...not a level playing field!"

U.S. stocks took a tumble Monday after China officially raised import duties on U.S. pork, apples and other products.

At the closing bell, the Dow Jones ended the trading day at a loss of 458.92 points.

Advertisement

China raised import duties on a $3 billion list of U.S. goods in response to the tariffs on imported steel and aluminum that President Donald Trump ordered last month.

After a month of public negotiations between the U.S. and several other countries, Monday marked the first time another country has formally placed tariffs on U.S. goods in response to the Trump administration’s recent trade sanctions. Kate Warne, an investment strategist for Edward Jones, said the step by China is small but significant.

“The fact that a country has actually raised tariffs in retaliation is an important step in the wrong direction,” she said. “The tariffs imposed by China today lead to greater worries that we will see escalating tariffs and the possibility of a much bigger impact than investors were anticipating last week. And that could be true for Mexico as well as for China.”

The Chinese tariff hit meat producer Tyson Foods hard, but investors were mostly concerned that both countries will take further steps that will ultimately harm global commerce and company profits. The Dow Jones industrial average fell as much as 750 points during trading.

Amazon got a double dose of bad news. On top of the broader market worries, the online retailer has been the target of numerous critical tweets from President Donald Trump over the last few days and investors are selling its stock.

"Only fools, or worse, are saying that our money losing Post Office makes money with Amazon. THEY LOSE A FORTUNE, and this will be changed," Trump tweeted. "Also, our fully tax paying retailers are closing stores all over the country...not a level playing field!"

Only fools, or worse, are saying that our money losing Post Office makes money with Amazon. THEY LOSE A FORTUNE, and this will be changed. Also, our fully tax paying retailers are closing stores all over the country...not a level playing field!